TALREJA INFOTECH P.LTD, MUMBAI V. ACIT 4(3), MUMBAI

ITA 5021/MUM/2015

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 9850 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 9 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-07-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: Not Allotted
• Assessment Year: 2008-2009
• Appeal Filed On: 09-10-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: AGAINST DATED PASSED
• Keywords: Revised return
• Section: 143(3); 80IB; 10

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL E BENCH, MUMBAI BEFORE SHRI R.C. SHARMA , AM AND SHRI AMARJIT SINGH , JM / I .T.A. NO. 5021 / M/ 20 1 5 ( / ASSESSMENT YEAR: 20 0 8 - 09 ) TALREJA INFOTECH P. LTD. 599 JSS RD, 1 ST FLOOR, KAPADIA CHAMBERS, CHIRA BAZAR. MUMBAI - 4000 02 / VS. ACIT4(3) MUMBAI - ./ ./ PAN/GIR NO. : AABCT 2851 Q ( / APPELLANT ) .. ( / RESPONDENT ) / DATE OF HEARING : 05.07 .2017 / DATE OF PRONOUNCEMENT : . 12. 07 .2017 / O R D E R PER AMARJIT SINGH, JM: THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER DATED 15.08.2015 PASSED BY THE COMMIS SIONER OF INCOME TAX (APPEALS) - 9 , MUMBAI [HEREINAFTER REFERRED TO AS THE CIT(A)] RELEVANT TO THE ASSESSMENT YEAR 200 7 - 08 WHEREIN THE PENALTY LEVIED BY THE AO HAS BEEN CONFIRMED . 2 . THE ASSESSEE HAS RAISED THE FOLLOWING GROUNDS: - (1) 1 THE COMMISSIONER OF INCOME - TAX (APPEALS) - 9 (CIT(A)) ERRED IN UPHOLDING THE LEVY OF CONCEALMENT ASSESSEE BY: SHRI SNEHAL J. SHAH DEPARTMENT BY: SHRI RAM TIWARI, SR DR TALREJA INFOTECH P.LTD. 2 PENALTY OF RS.16,58,369/ - U/S 271(1)(C) OF THE INCOME TAX ACT, 1961 (THE ACT) BASED ON IRRELEVANT GROUNDS AND JUDI CIAL PRONOUNCEMENTS WITHOUT CONSIDERING THE FACTUAL AND LEGAL POSITION AS STATED BY THE APPELLANT DURING THE COURSE OF HEARING. (11) THE APPELLANT PRAYS THAT THE PENALTY LEVIED U/S 271(1) BE DELETED. (2) (1) THE CIT(A) ERRED IN UPHOLDING THE LEVY OF CONCEALMENT PENALTY U/S 271(1)(C) OF RS.16,58,369/ - , THOUGH IN THE FACTS AND CIRCUMSTANCES OF THE CASE, THE CONCEALMENT PENALTY WAS UNJUSTIFIED AND UNWARRANTED. (11) THE APPELLANT PRAYS THAT THE PENALTY LEVIED U/S 271(1)(C) BE DELETED. THE APPELLANT CRAV ES LEAVE TO ADD, AMEND AND/OR ALTER THE ABOVE GROUNDS OF APPEALS. 3 . THE BRIEF FACTS OF THE CASE ARE THAT T HE ASSESSEE FILED THE RETUR N OF INCOME DECLARING TOTAL INCOME TO THE TUNE OF RS.53 , 06 , 882/ - . THEREAFTER THE ASSESSEE REVISED THE RETURN OF IN COME ON 20.10.2008 AND DECLARED INCOME TO THE TUNE OF RS. 1942222/ - . THE REVISED RETURN WAS FILED REDUCING THE CLAIM OF RETURN U/S 80IB @ OF 30% IN STEAD OF 100% AS CLAIMED IN THE ORIGINAL RETURN OF INCOME . T HE ASSESSMENT ORDER WAS PASSED ON 29.12.20 10 U/S 143(3) OF THE I.T. ACT. A SSESSING THE TOTAL INCOME TO THE TUNE OF RS 73,09,110 . THE PENALTY PROCEEDING WAS INITIATE D AND ADDITION WAS MADE ON THE BASIS OF THE DISALLOWANCE U/S 80IB WAS CLAIMED AT ITS FACTUAL TO THE TUNE OF RS. 53,66,892/ - . THEREFORE, THE PENALTY WAS INITIATED TO THE TUNE OF RS 16,58,369. THE PENALTY WAS CONFIRMED BY THE CIT(A) UNDER THE ORDER OF QUESTION IN DATED 05.05.2015 THEREFORE THE ASSESSEE HAS FILED THE PRESENT APPEAL BEFORE US. TALREJA INFOTECH P.LTD. 3 ISSUE NO.1 & 2 : - 4 . UNDER BOTH THE ISSUES THE ASSESSEE HAS CHALL ENGED THE CONFIRMATION OF THE PENALTY LEVIED BY THE AO. AT THE VERY OUTSET, THE LD. REPRESENTATIVE OF THE ASSESSEE HAS ARGUED THAT THE QUANTUM FOR THE A.Y. 2008 - 09 HAS BEEN DELETED BY HONBLE ITAT IN ITA.NO. 2347/M/2012 DATED 06.10.2016. THEREFORE, THE PENA LTY IS NOT LIABLE TO BE SUSTAINABLE. WE HAVE GONE THROUGH THE ORDER OF THE TRIBUNAL ON QUANTUM APPEAL DATED 06.10.2016 FOR THE A.Y. 2008 - 09 WHEREIN THE ADDITION SHOWN MADE HAS BEEN DELETED BY TRIBUNAL. SINCE, THE ADDITION HAS BEEN DELETED BY THE HONBLE TR IBUNAL IN THE ABOVE MENTIONED CASE ON THE BASIS OF WHICH PENALTY WAS LEVIED TH EREFORE, THE PENALTY HAS NO LEG TO STANDS. ACCORDINGLY, WE DELETED THE PENALTY AND ALLOWED THE APPEAL OF THE ASSESSEE. 5 . IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS HEREBY ORDERED TO BE ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 12.07. 2017 SD/ - SD/ - ( R.C. SHARMA ) (AMARJIT SINGH) / ACCOUNTANT MEMBER / JUDICIAL MEMBER MUMBAI; DATED : 12.07. 201 7 V.P SINGH / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT TALREJA INFOTECH P.LTD. 4 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. / BY ORDER, //TRUE COPY// / (DY./ASSTT.REGISTRAR) , / ITAT, MUMBAI